Networking equipment vendor Netgear announced today that it has reached a definitive agreement to acquire privately-held Infrant Technologies.
Founded in March 2001 and based in California, Infrant develops storage technology for small businesses, including network attached storage and Raid offerings.
Under the terms of the agreement Netgear will pay US$60m in cash. Infrant shareholders may receive a additional payout of up to US$20m in cash over the three years following closure of the acquisition if "specific revenue targets are reached".
The acquisition is subject to standard closing conditions, but is expected to be tied up in the second quarter.
Following completion, Infrant president and chief executive Paul Tien will become Netgear's vice president and general manager for storage products.
Netgear said that it would acquire Infrant's 34 full-time employees, along with its pending patents, proprietary technologies, current products and products in development.
Netgear pays US$60m for Infrant Technologies
By Robert Jaques on May 4, 2007 12:32PM